Current State and Impact of Strategic Planning Activities on Entrepreneurs’ Financial Performance: Case of Serbia

  • Danijela Stošić Panić University of Niš, Faculty of Economics


The paper presents research on strategic planning practice of Serbian entrepreneurs. More specifically, it explores main features of the currently implemented strategic planning activity and its impact on financial performance of Serbian entrepreneurs. As female entrepreneurship continues to grow and is becoming more important economic and social issue, the research also takes into account the gender aspect. Building on literature review, hypotheses were developed and then tested on a random sample of 101 respondents. Main results suggest that strategic planning is underdeveloped management activity of Serbian entrepreneurs, primarily in terms of its long-time horizon, formality and use of objective data and analysis. Short-tem, informal and based on personal experience, feelings and intuition is planning of both female and male entrepreneurs without any statistically important difference based on gender. At the same time, as the strategic planning is more developed, the better are the financial performance of Serbian entrepreneurs. Besides contributing to the strategic management and entrepreneurship literature, the paper highlights certain aspects of these fields that should be emphasized in academic courses and training programs.

Author Biography

Danijela Stošić Panić, University of Niš, Faculty of Economics

Danijela Stošić Panić is an assistant professor for the scientific field of Business Management. Her main research interests lie in strategic management, production management and entrepreneurship. Danijela’s research results are presented in over 40 papers published in international and domestic scientific journals. She is an author of one university textbook and a co-author of a monograph. She was a visiting scholar at the Vienna University of Economics and Business and at the Karl Franzens University of Graz. As a PhD student she received a national scholarship awarded by the Serbian Ministry of Science and Technological Development. Danijela is and has been involved in numerous domestic and international scientific projects. She is a reviewer in the process of accreditation and quality assurance of higher education institutions in the Republic of Serbia.

How to Cite
Stošić Panić, D. (2019). Current State and Impact of Strategic Planning Activities on Entrepreneurs’ Financial Performance: Case of Serbia. Management:Journal Of Sustainable Business And Management Solutions In Emerging Economies, 25(2), 41-52. doi:10.7595/management.fon.2019.0010